Latest Developments

Europe
The Guardian

Comcast to spin off NBCUniversal and Sky into separate media business

Sky Sports’ Ian Ward, Nasser Hussain and Michael Atherton on the second day of the second Test between England and New Zealand. Photograph: Philip Brown/Getty ImagesView image in fullscreenSky Sports’ Ian Ward, Nasser Hussain and Michael Atherton on the second day of the second Test between England and New Zealand. Photograph: Philip Brown/Getty ImagesNBC UniversalComcast to spin off NBCUniversal and Sky into separate media businessEntertainment arm to split from mobile and broadband in move that raises questions over future of Sky News Comcast is to spin off its media operation, which includes Sky and the Hollywood film studio, TV and theme park business NBCUniversal, into a separate publicly listed company. The move comes eight years after the US group, which said the separation will take a year to complete, acquired Sky’s European operations for £31bn. After completion of the deal investors will hold shares in Comcast, which will operate as a listed company operating broadband and mobile services to 65m US homes, as well as NBCUniversal. Brian Roberts, the co-chief executive of Comcast, said that separating the two companies would “unlock a more entrepreneurial management approach” for each business. The NBCUniversal business, which includes the streaming service Peacock and the TV network NBC, will be run by Mike Cavanagh, who is now co-chief executive of Comcast. “His vision is for a unique, independent, focused company that be home to some of the industry’s most valuable brands and assets across theme parks, film, television, streaming, sports and news,” Roberts said. “This new company will be well positioned to pursue the significant opportunities that lie ahead, to partner across the media and entertainment ecosystem, and will be poised to grow.” When Comcast acquired Sky for £31bn in 2018 the company guaranteed to keep funding Sky News for a decade, increasing its funding annually in line with inflation. As that commitment draws closer to expiring, concerns have been raised about whether the US company will continue to fully fund Sky News, which has an annual budget of about £100m but is thought to make losses of as much as £80m. David Rhodes, the executive chair of Sky News, has previously said the Comcast commitment provides Sky News with more security than most other organisations, and that the parent company has been “supportive of our independence every step of the way”. Nevertheless, the move to spin off NBCUniversal and Sky will renew speculation about the long-term plans for Sky News. Comcast opted not to renew a licensing agreement held by News Corporation to use the Sky News brand in Australia. Sky News Australia is rebranding as News24 later this year.

Comcast to spin off NBCUniversal and Sky into separate media business
Europe
BBC Business

Will Andy Burnham's devolution plan raise economic growth?

Image source, Getty ImagesByBen ChuPolicy & Analysis Correspondent, BBC VerifyPublished8 hours agoAndy Burnham promised the "biggest rebalancing of power our country has seen" as part of his plans for the UK if he becomes the next prime minister. In his first major policy speech, Burnham said on Monday he would seek to take power away from Whitehall and devolve it to all parts of the UK. This would include Greater Manchester and other city regions in England. But the former Mayor of the Greater Manchester Combined Authority also said he would further extend devolution in Scotland, Wales and Northern Ireland - though not giving detail - and also promised to give Greater London more devolved powers. Burnham, who was sworn in as the new MP for Makerfield last week, said this radical devolution of power was essential for delivering higher economic growth in all parts of the UK. "We will never get growth up to the level Britain needs unless every single postcode in the land is set up to contribute to it," he said. BBC Verify has looked at what impact further devolution could be expected to have on economic growth across the UK. Scotland has had extensive devolution, with the Scottish parliament now holding powers covering health, education, local government, environment, justice and policing. Holyrood also has powers to set most income tax rates (although not the level of the tax-free personal allowance) and has some control over welfare. The Welsh Senedd's devolution powers are more limited compared with Scotland, though it does include running the NHS in Wales, education, local government and housing. The Senedd also has some tax powers, including the ability to to vary income tax rates. But, unlike Scotland, it has no justice or policing powers. Under the terms of the 1998 Good Friday Agreement, the Northern Ireland Assembly has significant devolved powers, including over health, education and housing. There has also been some devolution, external to English city regions over the past decade, albeit less extensive than for Scotland, Wales and Northern Ireland. Manchester has some of the most extensive devolved powers of any of the English city regions, with some authority over transport, housing, skills and health spending.

Will Andy Burnham's devolution plan raise economic growth?
North America
CNBC Economy

Shipping rebounds in Strait of Hormuz one week after U.S.-Iran deal – but fragile confidence threatens recovery

Shipping traffic is recovering a week after the U.S. and Iran signed a deal to reopen the Strait of Hormuz — but a renewed attack on a cargo ship Thursday threw fresh uncertainty over the fragile passage, halting the United Nations' evacuation plan and sending some tankers into reverse. In the week following the ceasefire announcement, 125 transits were recorded between June 15-21, marking the highest weekly total since the war began in late February, as tankers rushed to move stored Gulf crude before the 60-day truce window expires. On June 24, AXS Marine recorded 62 commercial vessel crossings, the highest single-day count since the war started, but only equivalent to 53% of the traffic on the same day last year. The Islamic Revolutionary Guard Corps on Wednesday declared that all ships must use only its northern route and comply with Iranian routing instructions. Hours later, the Ever Lovely — a Singapore-flagged Evergreen container ship — was struck on its starboard side by a projectile off the Omani coast. A U.S. official said the IRGC had carried out the strike. It was the first attack on a cargo vessel since the ceasefire took effect. Located in the gulf between Oman and Iran, the Strait of Hormuz is recognized as one of the world's most critical energy chokepoints. The narrow waterway typically handles around 20% of the world's oil traffic. Shipowners are left navigating two competing authorities with no agreed rules, with a northern corridor under Iranian control and a southern passage through Omani waters. The standard pre-war commercial lane remains closed due to mines. Iran warned it would take action against ships not using its northern route or coordinating with Iranian authorities. The U.S. and Oman backed a separate southern corridor, with Oman issuing navigational guidance and American Navy providing naval oversight. Companies are confronted with a difficult choice: take the risk to transit, or hold back and potentially cede ground to rivals willing to take that risk. Bruce Tan, a Singapore-based electronics manufacturer who held back deliveries to Middle East clients for four months, said he had begun moving goods through the corridor again, but only in small batches, in case the Strait closes again. Tan is also routing some orders through alternative corridors as a hedge against another closure. Aristidis Alafouzos, CEO of Okeanis Eco Tankers Corp, a crude oil shipping company headquartered in Greece, said he doesn't expect Thursday's attack on a ship in the Gulf of Oman to "significantly change" the trend of transits through the waterway. "We've seen a large increase, especially on the crude oil passages, and I think this is set to continue and maybe this one-off event isn't enough to really disrupt the recent events of the large exports of Kuwaiti and Emirati crude oil from the Gulf," Alafouzos told CNBC's "Squawk Box Europe" on Friday. "The one big missing factor is the Saudis. For now, we haven't seen them export almost anything from inside the Arabian Gulf and everything is coming from Yanbu in the Red Sea."

Shipping rebounds in Strait of Hormuz one week after U.S.-Iran deal – but fragile confidence threatens recovery
North America
CNBC Economy

China widens Japan export curbs, targeting drone makers, nuclear firms and defense institutes

China on Monday blacklisted four Japanese government defense research institutes and imposed tighter export restrictions on dozens of other Japanese entities, escalating a months-long campaign to limit Tokyo's access to Chinese-origin dual-use goods. The Ministry of Commerce added 20 entities, including the National Institute for Defense Studies and research centers for ground, naval, and air systems, to the export control list. Several units under Mitsubishi Electric and Mitsubishi Heavy Industries were also targeted. Domestic exporters, as well as overseas organizations or individuals, are prohibited from transferring Chinese-origin dual-use items to the named entities, according to the statement, adding that any ongoing activities must stop immediately. Separately, China also added another 20, including Mitsui E&S Co., drone maker Terra Drone Corporation, nuclear fuel processors, and multiple units of OKI Electric Industry to a watch list requiring enhanced licensing scrutiny. Both actions take effect immediately. The ministry said it would apply stricter end-user and end-use reviews to watch-listed entities, and that exports involving Japanese military users, military applications or any end-use that could strengthen Japan's defense capabilities would not be approved. The measures mark the latest escalation in a campaign launched in January, when Beijing banned dual-use exports to Japanese military users. In February, China added 20 entities, including subsidiaries of Mitsubishi Heavy Industries, IHI Corp. and Kawasaki Heavy Industries, to its export control list and another 20 firms, including Subaru Corp., TDK Corp. and FUJI Aerospace Technology to the watch list. China has ratcheted up pressure on Tokyo after comments by Japanese Prime Minister Sanae Takaichi in November that a hypothetical Chinese attack on Taiwan could trigger a military response from Tokyo, which drew criticism from Beijing. In a statement Monday, a spokesperson for the commerce ministry said Japan had shown no remorse since the February listings and had instead "accelerated" its push toward what Beijing characterizes as "new-style militarism" — including deploying offensive weapons and launching missiles overseas. Beijing urged Japan to "turn back from the wrong path," while insisting the measures would not affect normal bilateral economic and trade activities and that "law-abiding Japanese firms have no reasons to worry." Market reactions were mixed following the statement. Mitsubishi Electric slid around 1% while Mitsubishi Heavy Industries gained 4.9%. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

China widens Japan export curbs, targeting drone makers, nuclear firms and defense institutes
Europe
BBC Business

South Korea unveils $880bn chip and AI investment plan

South Korea has unveiled plans for at least $880bn (£666bn) of investments to build out the country's chip manufacturing and artificial intelligence (AI) capabilities in the coming years. It is part of the country's so-called Three Mega Projects to develop new chip production hubs, data centres and robotics technology. The plan is aimed at rejuvenating the economies of areas outside the capital Seoul, President Lee Jae-myung said on Monday. It comes as regional rivals like Taiwan, China and Japan are investing heavily in chip factories and other technologies as the AI boom pushes up demand for semiconductors. "We must secure the core elements of AI faster than any other country," Lee said. "Semiconductors, physical AI, and AI data centres are the triple axis for a great leap forward." Lee announced the plans in a televised event alongside the leaders of Samsung and SK Hynix, the country's two largest chipmakers. Lee also announced plans to build other AI infrastructure hubs outside of Seoul, where most of the country's advanced factories are currently concentrated. Earlier, Lee said in a statement that the project was a matter of "survival" for the country to address the decline in rural areas due to the concentration of industries in Seoul. "Now, we must break this long-standing cycle of discrimination and marginalisation - not only for the sake of justice and equity, but also to ensure sustainable and inclusive growth," he wrote. Samsung and SK Group, which count the likes of AI chip giant Nvidia among their customers, have been some of the biggest beneficiaries of the surge in spending on AI infrastructure. US tech giants - including Google, Amazon and Meta - said they will spend $650bn into the technology this year. SK Hynix's stock market valuation topped $1tn in May, driven by the boom in AI data centres.

South Korea unveils $880bn chip and AI investment plan
Europe
BBC Business

What's happening to petrol prices now oil is back to pre-Iran war levels?

Image source, Maskot/Getty ImagesByFaarea Masud, Alex Daniel and Michael Race, Business reportersPublished2 March 2026Updated 26 June 2026Motorists in the UK are already seeing cheaper fuel prices after the US and Iran struck an agreement to end their war, with further falls expected in the coming weeks. When the conflict began on 28 February, fuel costs jumped as the war significantly disrupted the production and transportation of energy across the Middle East. However, in recent weeks they have dropped and the framework deal reached between the US and Iran has sent them to their lowest point since the first days of the war in early March. Motoring group the AA has said it expects pump prices to fall further and "the timing is perfect for the start of the summer holidays". Meanwhile rival group the RAC has said price reductions "should be faster and greater, particularly for diesel". Crude oil is a key ingredient in petrol and diesel, which means that higher wholesale costs make filling up a car more expensive. Analysts say every $10 (£7.53) increase in the oil price pushes up pump prices by roughly 7p a litre. Since the war began, the price of a barrel of Brent crude – the global benchmark for wholesale oil prices – has been very volatile. Before the conflict, Brent was about $70 a barrel, but the conflict saw it peak at above $120. The price has been slipping in recent weeks and after the framework deal was signed it fell to around $76 a barrel. It has continued to drop and at one point fell below $72.48 (£55) a barrel, the price it was at the day before the US and Israel launched attacks on Iran on 28 February. According to the RAC, the price of petrol reached an Iran war peak of 159.53p a litre on 28 May, while diesel's highest price during the conflict was 191.54p a litre on 15 April. Since 28 May, the price of petrol has come down. The RAC said that on Friday, 26 June show the average price of petrol had fallen 2p in a week to 151.98p and diesel by 4p to 168.64p. The RAC says it now costs £83.59 to fill up a 55-litre family car with petrol and £92.75 for diesel, However, this is still £10.50 and £14.40 respectively more than it did at the end of February before the conflict began.

What's happening to petrol prices now oil is back to pre-Iran war levels?
Europe
BBC Business

British American Tobacco to cut 9,000 jobs

Image source, ReutersByEmer MoreauBusiness reporterPublished29 June 2026, 10:53 BSTUpdated 55 minutes agoBritish American Tobacco (BAT) is to cut nearly a fifth of its global workforce as part of a major cost-cutting drive. The tobacco giant, which makes Lucky Strike and Dunhill cigarettes, is cutting 5,500 roles and outsourcing 3,500 more. The company had said earlier this year that it was planning savings to make it "more digital and AI-focused". BAT did not say which locations would be hit by the job cuts, but said the US was not affected. The company currently employs about 47,000 people globally. It says the cost cuts are expected to save about £600m a year by 2028. Traditional cigarette sales are shrinking as smokers increasingly switch to vapes and nicotine pouches. BAT is shifting its focus to smoking alternatives such as its Vuse vapes and Velo nicotine pouches to drive growth, but its sales and profit margins have been sluggish in recent years. Sales in the US — its biggest market — have also been hit by the cost of living, as smokers swap for cheaper brands. Additionally, the company is battling rising duties and stricter regulations in some markets. American regulators have taken a tough stance on approving licences for new products such as vapes, delaying launches. BAT says this has fuelled an influx of illegal Chinese products, weighing on its sales and market share. BAT said the job cuts, which have already started, are set to be completed by the end of this year. Chief executive Tadeu Marroco said the cuts would make the company "more agile, cost disciplined and technology enabled".

British American Tobacco to cut 9,000 jobs
Europe
The Guardian

British American Tobacco to slash 9,000 jobs as it turns to AI

There will be no cuts in British American Tobacco’s business in the US, where it operates under its subsidiary Reynolds American. Photograph: Jason Alden/Newscast/PAView image in fullscreenThere will be no cuts in British American Tobacco’s business in the US, where it operates under its subsidiary Reynolds American. Photograph: Jason Alden/Newscast/PABritish American TobaccoBritish American Tobacco to slash 9,000 jobs as it turns to AIDunhill maker to cut about a fifth of workforce, aiming to reduce costs and become more ‘technology enabled’ British American Tobacco (BAT) will cut about a fifth of its 47,000-strong workforce this year, as the cigarette-maker looks for ways to push down costs and become more “technology enabled”. BAT, which is one of the biggest tobacco groups in the world, has announced it will cut 5,500 jobs by the end of the year and outsource a further 3,500, affecting a ⁠total of 9,000 employees. The FTSE 100 company is grappling with falling demand for traditional cigarettes and pressure to invest in nicotine alternatives. The company said the cuts were part of a “transformation programme” expected to create £600m of annual cost savings by the end of 2028. The BAT chief executive, Tadeu Marroco, said the company was “building a future-ready organisation” that was “more agile, cost disciplined and technology enabled”. He added: “These changes affect many of our colleagues, and we are focused on supporting them through this transition with care and respect, as we position the business for the future.” There will be no cuts in its business in the US, where it operates under its subsidiary Reynolds American. Last year, BAT partnered with the technology consultancy Accenture to outsource some of its work, which Marroco said at the time would give the tobacco company access to its “advanced AI solutions”. Some jobs in the UK, Poland, Romania, Costa Rica, Mexico, Singapore and Malaysia have been absorbed by Accenture since the deal, BAT said. In February, the BAT interim finance chief, Javed Iqbal, told the Financial Times that plans to simplify the company would make it “more digital and AI-focused”. BAT, which makes Dunhill and Peter Stuyvesant cigarettes, has also been shutting down some of its traditional cigarette manufacturing. In January, it announced it would close its eighth largest factory, located in South Africa, because of competition from illicit trade. The group has predicted that global cigarette industry volumes will fall by about 2.5% this year.

British American Tobacco to slash 9,000 jobs as it turns to AI
Asia
The Hindu BusinessLine

TVS Motor steps up R&D spends in FY26 focus on electrification, connected platforms, and AI

TVS Motor Company is steadily stepping up its research and development (R&D) investment, which has risen from ₹645 crore in FY24 to ₹1,025 crore in FY25 and further to ₹1,254 crore in FY26. “We are investing ₹1,254 crore annually in R&D, with more than 2,000 engineers working at the intersection of electrification, connected platforms and AI-driven design,” Chairman and Managing Director Sudarshan Venu said in his remarks as part of the company’s 2025-26 annual report. The R&D push has helped TVS Motor’s expansion into new product categories, advancing its ambitions in electrification and premiumisation, and has also helped reduce carbon footprint. “As energy price shocks cause uncertainty, EV adoption will likely rise. The companies that understand how electric vehicles will define mobility in the future will lead that shift. Your Company is already there,” Venu said. During FY26, the company launched the Apache RTX 300 adventure motorcycle, the Orbiter electric scooter, the NTorQ 150 hyper-scooter and refreshed versions of the Apache and iQube range. In commercial mobility, it introduced the King Kargo HD EV and CNG variants to strengthen urban cargo and logistics. More than 97 per cent of energy across TVS Motor’s Indian operations came from renewable sources this year, Venu said, adding that they avoided over 76,000 tonnes of carbon emissions. TVS’ global R&D network now spans centres in Hosur, Bologna, Jakarta and Solihull. The acquisition of Italy-based Engines Engineering S.p.A. during the year has further strengthened its capabilities in premium motorcycle engineering and vehicle design. The company reported record sales of 5.89 million vehicles in FY26, with revenue rising to ₹47,270 crore and EBITDA increasing to ₹6,079 crore, cementing its position as the world’s third-largest two-wheeler manufacturer. The company is cautiously outlook about future demand as India remains as one of the fastest‑growing major economies with GDP growth projected in the range of 6.0-6.5 per cent, while navigating macroeconomic challenges. The possibility of an El Niño event could weigh on monsoon patterns and may have broader implications for India’s economy, the company noted. FY27 is also likely to be the year TVS Motor gets closer to positioning Norton as a globally competitive premium motorcycle brand. Norton is gearing up to introduce a differentiated product portfolio in FY 2026-27, comprising the all-new Manx, Manx R, Atlas and Atlas GT, marking a new phase in the brand’s product renaissance and global repositioning.

TVS Motor steps up R&D spends in FY26 focus on electrification, connected platforms, and AI